Loan Process
Appling online or contacting a loan officer
If you complete a loan application online it gets
sent directly to a loan officer whom will review for
accuracy and missing information. Next the loan officer
will contact you via phone or email for any additional
information required and to get your permission to
review your credit report. The loan officer will review
your credit and make an initial determination if you
qualify for a va loan based on your credit and application.
At this time the loan officer will start looking for
a loan and notify you of the best interest rate available,
the fees involved etc.
Next the loan officer will ask for documentation
that supports the loan application. Such as two most
recent pay stubs, leave and earning statements, bank
statements etc. it’s the loan officer job to
verify the income you have stated on your application
and to verify any money you have in savings or checking.
If your credit report indicates you were late on payments
you will be required to show proof that the payments
have been made and you must submit a letter stating
why you were late.
When the loan officer has verified your income, debts,
saving etc., and has determined the accuracy of the
loan application, you will be provided a Pre-Approval
Letter and a Good Faith Estimate (GFE). The GFE will
indicate the available interest rate, and all the
accompanying fees for closing your loan. Keep in mind
almost all fees for the buyer can be added to the
loan amount allowing you to buy with little or no
out of pocket costs.
Next, you go shopping with your Pre-Approval letter
while the loan officer works with the lender on your
loan documents. The loan officer will need to stay
in touch with your real estate agent because when
a home is selected there is a lot of property information
the loan officer will need.
The loan officer will send your loan file to the
loan processor whom will verify the application and
supporting documents. The processor will also make
sure the loan request meets all state and federal
requirements and the requirements of the lender.
Your loan file will then be sent to the lender whom
will again review for accuracy. When the lender has
completed the review arrangements will be made to
wire the money to Title agent you and your real estate
agent selected. This is normally where you will sign
all the documents and take possession of the home.
In all the process takes about 30 days.
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VA Loans
